Your circumstances have changed

There are some circumstances where you may be able to withdraw your KiwiSaver savings before you retire: you’re moving overseas, are experiencing financial hardship or suffering from serious illness.

Call our KiwiSaver specialists on 0508 972 254

Moving overseas

Moving overseas?

You can leave your money in KiwiSaver for as long as you like. (You won’t be entitled to receive Member Tax Credits for any period where you live outside New Zealand.) You may also be able to transfer your KiwiSaver funds.

Emigrated to Australia?

You can transfer the total value of your KiwiSaver account to an Australian complying superannuation scheme which agrees to accept the transfer (as long as your balance is below any maximum transfer amount required by Australian legislation).

You can withdraw the full value of your Westpac KiwiSaver Scheme account after one year. This excludes any Member Tax Credits (which will be paid back to Inland Revenue) and any amount you’ve transferred from an Australian complying superannuation scheme.

Experiencing hardship

Sometimes life throws a curve ball. If you’re experiencing, or likely to experience, significant financial hardship, you might be able to withdraw some of your savings from your KiwiSaver.

You may be eligible if you’re unable to meet:

Your minimum living expenses.

Your mortgage repayments on your house, resulting in your mortgage provider seeking to enforce the mortgage on the property.

The cost of modifying a house to accommodate the special needs arising from your disability or a dependant's disability.

The cost of medical treatment for you or a dependant for an illness or injury, or palliative care.

The cost of a funeral for a deceased dependant.

When you apply, you’ll need to:

Provide documentation that supports your application and satisfies the Supervisor that you are, or are likely to be, in significant financial hardship. Examples of documentation include copies of overdue bills or demand notices.

Complete a statutory declaration and ensure this is signed and certified by a person authorised to take a statutory declaration.

You can only withdraw your contributions and your employer’s contributions, not the Member Tax Credits (if any). Any withdrawal will be limited to the amount that, in the supervisor’s opinion, is required to alleviate your hardship.

For more information, call us on 0508 972 254.

If you’re suffering financial hardship, you can also apply for a break from contributions, even if you’ve been a KiwiSaver member for less than 12 months.

Serious illness or death

If you become seriously ill, injured or disabled, you may be able to make an early withdrawal.

'Serious illness' means an injury, illness, or disability that:

results in you being totally and permanently unable to perform work that would otherwise suit your experience, education or training, or:

poses a serious and imminent risk of death.

You’ll need to provide evidence of your serious illness. If your application is approved by the Supervisor, you may be able to withdraw a lump sum, up to the total value of your KiwiSaver account, including the Member Tax Credits.

In the event of your death, we will need to be sent a completed application and supporting documentation. If this is accepted, your KiwiSaver savings will be paid to the executors or administrators of your estate. Or, if certain conditions are met and your account does not exceed the current prescribed amount of $15,000, we may pay a claimant such as your surviving partner or children.

References to non-Westpac websites are provided for your convenience only. Westpac accepts no responsibility for the availability or content of such websites.

BT Funds Management (NZ) Limited is the scheme provider and Westpac New Zealand Limited is the distributor, of the Westpac KiwiSaver Scheme.

The information above is subject to changes to government policy and law, and changes to the Westpac KiwiSaver Scheme from time to time.

Investments made in the Westpac KiwiSaver Scheme (Scheme) do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN 33 007 457 141, Westpac New Zealand Limited or other members of the Westpac group of companies. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. None of BT Funds Management (NZ) Limited (as manager), any member of the Westpac group of companies, The New Zealand Guardian Trust Company Limited (as supervisor), or any director or nominee of any of those entities, or any other person guarantees the Scheme’s performance, returns or repayment of capital.

For a copy of the Product Disclosure Statement or more information about the Scheme, contact any Westpac branch or call 0508 972 254 or from overseas +64 9 367 3317 (international toll charges apply). You can also download the Product Disclosure Statement.